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A $80,000 bond bearing interest at 4% payable semi-annually is bought ten years before maturity to yield 3.5% compounded quarterly. If the bond is redeemable

A $80,000 bond bearing interest at 4% payable semi-annually is bought ten years before maturity to yield 3.5% compounded quarterly. If the bond is redeemable atpar, what is the purchaseprice?

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places asneeded.)

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